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View Diary: Our Economy: MASSIVE FRAUD By Mortgage Industry. (269 comments)

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  •  Then the chart's wrong? (0+ / 0-)

    The chart I responded to doesn't show prices increasing starting in the early nineties...the increase starts around 1997.

    No on Prop 8::Sometimes I get to hitch a ride on the Democratic Bus--they let me stand on the back bumper.

    by steve04 on Wed Feb 25, 2009 at 04:53:56 PM PST

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    •  I Wrote That The Real Estate Boom Began (1+ / 0-)
      Recommended by:
      Susipsych

      In the early nineties, and I'll stand on that (look at places like silicon valley CA in 1993) but we didn't really begin to roll until Robert Rubin rewrote the rules in 1999.

      <div style="font-size:10px;text-align:center;background-color:#ffd;color:#f33">If the terriers and bariffs are torn down, this economy will grow - G. Bush

      by superscalar on Wed Feb 25, 2009 at 05:03:44 PM PST

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      •  I knew we'd get a post that claimed (0+ / 0-)

        it was all Clinton's fault.  The chart doesn't show it, the facts don't support it, but let's blame Clinton.  News like this brings out the wingnuts from Freep land every time.  Every diary that is talking about the mortgage fraud is inundated with shills right now.  

        Not saying you are, but your post suggests it.  

        "You're going to love my nuts!" -Norm Coleman in that Slap Chopper commercial.

        by Nada Lemming on Wed Feb 25, 2009 at 07:04:28 PM PST

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        •  I Didn't Say It Was All Clinton's Fault (3+ / 0-)
          Recommended by:
          Sparhawk, lotlizard, ignatz uk

          I am not limited to thinking in monoraul or binary terms, it's all this or it's all this or that.

          There was a lot of blame to go around. All of the members of Congress on the House Financial Services Committee and Senate Banking Committee in my opinion are just as much to blame as Robert Rubin and the Clinton Administration, or the Bush Administration, or the bankers, or the lenders, or the gullible electorate.

          Why do you think that nobody will really go to jail over this?

          Why do you think they are trying to 'fix' it really fast and then cover it all up?

          All of this was not only legal, it was encouraged for almost twenty years. What do you think has been fueling U.S. GDP?

          This is not a 'Republican verusus Democrat' thing. To reduce to such is to suspend disbelief and to be totally honest is a little scary to me because it verges on the thinking of some kind of religious zealot, and it shows zero understanding of what was really happening the whole time.

          News like this brings out the wingnuts from Freep land every time

          I base my opinions and my analysis of events and such on truth or lack thereof. People who make claims that where a particular opinion or truth comes from provides it credence or makes it incredible have no grounding in logic and critical thinking and it is they who scare me much more than whether someone from Free Republic is posting on Daily Kos.

          'And the truth shall set you free' -- this has always been my idea of 'the reality based community'.

          Every diary that is talking about the mortgage fraud is inundated with shills right now

          Yet I have been here much longer than you have, engage in topics were I disagree violently with much of our community, am still here, and have posted what I have posted (and this is not the first time I have posted it) and can back it up with data, facts, and links.

          Go figure.

          <div style="font-size:10px;text-align:center;background-color:#ffd;color:#f33">If the terriers and bariffs are torn down, this economy will grow - G. Bush

          by superscalar on Wed Feb 25, 2009 at 08:16:40 PM PST

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          •  Shills? (0+ / 0-)

            And you would know this how?

            I'm not an anarchist, but it would be good if people started realizing the difference between political propaganda and the truth. --John Lennon

            by o the umanity on Wed Feb 25, 2009 at 11:25:57 PM PST

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          •  asdf (0+ / 0-)

            I guess I touched a nerve.

            I think you partially misinterpreted my post.  

            The last line said:

            Not saying you are, but your post suggests it.  

             There are posts all over the place which are wingnutty here lately.  I was commenting on them, which is why I put the qualifier in.  

            The tell for me is usually when people start blaming Clinton for this.  

            And I am getting sick of it.  

            If I lumped you in with them and I misinterpreted you then I apologize to you.  

            Also.  

             

            "You're going to love my nuts!" -Norm Coleman in that Slap Chopper commercial.

            by Nada Lemming on Thu Feb 26, 2009 at 03:16:33 PM PST

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        •  Dont let the facts get in the way of your... (2+ / 0-)
          Recommended by:
          Sparhawk, steve04

          argument.

          The fact is the early nineties saw a huge collapse in the real estate market. Sellers were bringing thousands of dollars to closings to sell their home. There were no short sales back then. Many investors lost their shirts but the larger ones got foreclosed on and the bank resold to them at lower prices. In NH Brady Sullivan is one of the big developers and we refer to this activity as the Brady Sullivan Refi.

          Prices slowly rose and then in 97-98 they grew faster and in 2000-2001 they began to grow at a ridiculous rate. 97 was when they passed the community redevelopment act which did contribute the inflation of real estate values.  

          Obviosuly it is not all Clintons fault or Bushs fault but they both take some of the blame for the housing market.

          •  Blame Deregulation if we are to solve the problem (0+ / 0-)

            The greatest gift you can contribute to the goal of world peace is to heal.

            by wavpeac on Thu Feb 26, 2009 at 04:01:19 AM PST

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          •  Thank you (0+ / 0-)

            I'm not trying to blame Clinton or anything, I'm just trying to get a handle on what changed in 1997.  As I posted elsewhere, interest rates were pretty stable through the mid to late nineties, so that excuse can be thrown out immediately.

            I'll have to read up on the community redevelopment act.  There were an awful lot of blighted neighborhoods in the historical centers of American cities where houses could be purchased for a song, and I know a lot of those were turned around as the economy grew and government incentives got people to take risks on those neighborhoods.

            No on Prop 8::Sometimes I get to hitch a ride on the Democratic Bus--they let me stand on the back bumper.

            by steve04 on Thu Feb 26, 2009 at 11:04:07 AM PST

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